LOCAL CURRENCY DEBT: After the storm

LOCAL CURRENCY DEBT: After the storm

Bonds Funds

By Katie Llanos-Small and Taimur Ahmad                  Mexico’s state-owned oil company Pemex marked a turning point for Latin borrowers in September when it succeeded in selling a peso-denominated global depository note. It was the first such local currency instrument sold since the bond market re-priced spectacularly in May and June, on expectations of tighter global liquidity. “We were able to issue this local bond, even though the market was in a very complicated situation,” says Rodolfo Campos, Pemex’s treasurer. The oil giant raised 10.4 billion Mexican pesos ($818 million) by selling the GDN. Investors bought the b

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